Bajaj Finserv, the financial services arm of the Bajaj group, reported a 46 per cent jump in net profit for the third quarter ended December 31, 2012 powered by a strong showing of its life insurance, general insurance and non-banking financial services subsidiaries.
In the October-December quarter, the Pune-based company posted a net profit of Rs 249 crore against Rs 170 crore shown a year ago. This profit is after excluding minority interest in net income of subsidiaries.
The company’s general insurance business posted a net profit of Rs 91 crore, 52 per cent more than the year ago period. The company earned 23 per cent more premium in the third quarter at Rs 694 crore.
In the life insurance segment, the company’s new business premium increased marginally to Rs 669 crore (Rs 653 crore, a year ago). The renewal premium in the third quarter dropped 18 per cent to Rs 839 crore. The segment’s profit, however, increased 59 per cent to Rs 100 crore during the quarter.
On a consolidated basis, the company’s revenue increased 11 per cent to Rs 3,724 crore and income increased 36 per cent to Rs 1,120 crore.
Shares of the company, closed at Rs 873.65, up 0.67 per cent on the Bombay Stock Exchange.
satyanarayan.iyer@thehindu.co.in